\begin{table}[ht]
\caption{Flow Utility Parameter Estimates}
\label{tab:Utility Estimates}
\centering
\resizebox{1.0\textwidth}{!}{
\begin{threeparttable}
%\renewcommand{\arraystretch}{0.8}
%\renewcommand{\tabcolsep}{2pt}
\begin{tabular}{lcccccc}
\toprule
         & \multicolumn{3}{c}{College} & \multicolumn{3}{c}{Work} \\ 
\cmidrule(r){2-4}\cmidrule(l){5-7}
Variable & 2-year & Science & Non-Science & Part-time & Full-time & White Collar \\ 
\midrule
%Constant &  -4.318 &  -6.975 &  -5.337 &  -3.045 &  -2.967 &  -1.625 \\ 
% & (0.288) & (0.323) & (0.341) & (0.157) & (0.249) & (0.240) \\ 
Black &  -0.036 &  -0.034 &  -0.013 &   0.025 &   0.014 &  -0.001 \\ 
 & (0.055) & (0.097) & (0.109) & (0.046) & (0.033) & (0.051) \\ 
Hispanic &   0.053 &  -0.013 &   0.056 &  -0.070 &  -0.030 &   0.027 \\ 
 & (0.051) & (0.109) & (0.116) & (0.052) & (0.040) & (0.053) \\ 
HS Grades (z-score) &   0.032 &   0.373 &   0.255 &   0.007 &   0.020 &   0.055 \\ 
 & (0.028) & (0.056) & (0.057) & (0.021) & (0.015) & (0.020) \\ 
Parent graduated college &   0.168 &   0.290 &   0.220 &   0.063 &  -0.044 &   0.206 \\ 
 & (0.057) & (0.088) & (0.098) & (0.040) & (0.031) & (0.039) \\ 
%Born in 1980 &  -0.141 &  -0.197 &  -0.178 &   0.075 &   0.196 &   0.153 \\ 
% & (0.073) & (0.122) & (0.131) & (0.054) & (0.037) & (0.060) \\ 
%Born in 1981 &  -0.174 &  -0.160 &  -0.092 &   0.047 &   0.111 &   0.154 \\ 
% & (0.063) & (0.105) & (0.117) & (0.045) & (0.038) & (0.059) \\ 
%Born in 1982 &  -0.138 &   0.122 &   0.037 &   0.033 &   0.070 &   0.042 \\ 
% & (0.059) & (0.107) & (0.114) & (0.046) & (0.036) & (0.065) \\ 
%Born in 1983 &  -0.077 &   0.004 &   0.043 &   0.054 &   0.065 &  -0.022 \\ 
% & (0.057) & (0.098) & (0.114) & (0.050) & (0.035) & (0.067) \\ 
Family Income (\$10,000) &   0.011 &   0.051 &   0.058 &  -0.014 &  -0.004 &  -0.002 \\ 
 & (0.007) & (0.009) & (0.010) & (0.004) & (0.003) & (0.004) \\ 
Prior academic ability &   0.148 &   1.357 &   1.109 &   &   &   \\ 
 & (0.074) & (0.280) & (0.214) &  &  &  \\ 
%$\mathbb{E}[u(\text{consumption})] \div 1,000$ &   2.510 &   2.510 &   2.510 &   2.510 &   2.510 &   \\ 
% & (0.467) & (0.467) & (0.467) & (0.467) & (0.467) &  \\ 
Previous high school &   1.033 &   2.746 &   1.813 &   1.169 &   0.855 &  -0.578 \\ 
 & (0.104) & (0.174) & (0.117) & (0.089) & (0.082) & (0.194) \\ 
Previous 2-year college &   2.455 &   1.274 &   0.711 &   0.049 &   0.281 &   0.118 \\ 
 & (0.082) & (0.190) & (0.094) & (0.085) & (0.079) & (0.140) \\ 
Previous 4-year science &   1.254 &   4.796 &   2.189 &   0.718 &   0.378 &  -0.157 \\ 
 & (0.172) & (0.165) & (0.131) & (0.116) & (0.094) & (0.153) \\ 
Previous 4-year non-science &  -0.068 &   2.035 &   3.409 &   0.598 &   0.559 &   0.046 \\ 
 & (0.164) & (0.187) & (0.091) & (0.088) & (0.077) & (0.106) \\ 
Previous work part-time &   0.030 &   0.577 &   0.376 &   2.186 &   1.357 &  -0.966 \\ 
 & (0.092) & (0.127) & (0.101) & (0.058) & (0.054) & (0.093) \\ 
Previous work full-time &   0.105 &   0.261 &   0.557 &   0.963 &   2.270 &  -0.923 \\ 
 & (0.097) & (0.135) & (0.098) & (0.062) & (0.042) & (0.095) \\ 
Previous work white-collar &  -0.032 &  -0.513 &  -0.115 &  -1.284 &  -1.464 &   2.692 \\ 
 & (0.161) & (0.235) & (0.159) & (0.088) & (0.079) & (0.184) \\ 
College graduate &   &   &   &  -0.215 &  -0.023 &   0.483 \\ 
 &  &  &  & (0.092) & (0.103) & (0.052) \\ 
Currently work white-collar &   &   &   &  -0.144 &   &   \\ 
 &  &  &  & (0.115) &  &  \\ 
Currently work part-time &   0.647 &  -0.698 &  -0.366 &   &   &   \\ 
 & (0.099) & (0.142) & (0.122) &  &  &  \\ 
Currently work full-time &  -0.715 &  -1.434 &  -1.851 &   &   &   \\ 
 & (0.111) & (0.147) & (0.123) &  &  &  \\ 
%Currently work part-time in white collar &  -0.545 &   0.383 &   0.037 &   &   &   \\ 
% & (0.206) & (0.234) & (0.213) &  &  &  \\ 
%Currently work full-time in white collar &  -0.425 &   0.744 &   0.302 &   &   &   \\ 
% & (0.195) & (0.230) & (0.205) &  &  &  \\ 
\midrule
Unobserved type \\ 
Schooling ability type H &  -0.066 &   0.336 &   0.088 &  -0.024 &  -0.036 &   0.064 \\ 
 & (0.048) & (0.076) & (0.065) & (0.046) & (0.039) & (0.045) \\ 
Schooling preference type H &   0.438 &   0.277 &   0.411 &   0.033 &   0.013 &   0.060 \\ 
 & (0.103) & (0.142) & (0.143) & (0.068) & (0.091) & (0.064) \\ 
Work motivation type H &  -0.012 &  -0.026 &   0.064 &  -0.273 &  -0.073 &   0.030 \\ 
 & (0.057) & (0.077) & (0.071) & (0.045) & (0.056) & (0.046) \\ 
\midrule
$\mathbb{E}[u(\text{consumption})] \div 1,000$ & 2.510 & (0.467) & & & & \\ 
$\Pr(\text{graduate\,in\,\,} t+1)$               & 2.116 & (1.233) & & & & \\ 
Constant Relative Risk Aversion parameter ($\theta$) &  0.4 & & & & & \\ 
Log likelihood & -26,105 & & & & & \\ 
Person-year obs. & 22,398 & & & & & \\ 
\bottomrule
\end{tabular}
\footnotesize Notes: Home production is the reference alternative. Bootstrap standard errors are listed below or to the side of each coefficient in parentheses. Beliefs on labor market productivity are included in the expected utility of consumption term. Consumption is evaluated in terms of yearly consumption flow in 1996 dollars.  Missing majors are estimated to be science with probability 0.35. Missing GPAs are estimated to be $\leq2.5$ w.p. 0.48, 2.5--3.0 w.p. 0.21, 3.0--3.6 w.p. 0.19, and 3.6--4.0 w.p. 0.13. 

\medskip

Reference categories for multinomial variables are as follows: ``White'' for race/ethnicity, ``Previous home production'' for previous decision, ``Not working'' for in-college work intensity, and ``L'' for each unobserved type. We omit the following coefficients: the constant (for each choice); birth year dummies (for each choice); and the interactions between currently working full- or part-time and currently working in the white-collar sector (for each of the schooling choices). 
\end{threeparttable}
}
\end{table}
